4:13-2.1 - Annual fee; exemption from corporation business tax act and uniform security act - New Jersey Statutes

4:13-2.1.  Annual fee;  exemption from corporation business tax act and uniform security act
    Each agricultural cooperative association organized hereunder with or without capital stock or foreign corporations authorized to transact business under the provisions of 4:13-15 shall pay to the Secretary of Agriculture an annual fee of $10.00, in lieu of all franchise or corporation taxes which fee shall accompany a statement of eligibility to be incorporated under this act to  be filed on or before March 31 annually.

    Any such association shall be exempt from the provisions of the Corporation  Business Tax Act provided that on or before the first day of the eighteenth  month following the date of filing of certificate of incorporation with the  Secretary of Agriculture, said association shall have applied for or received a  letter of exemption from the Internal Revenue Service of the United States  Department of the Treasury and a true copy of such application or letter of  exemption is filed with the Secretary of Agriculture.  Also any association  incorporated hereunder or qualified under section 15 shall be exempt from the  Uniform Security Law.

    The Secretary of Agriculture shall certify to the Director of the Division of Taxation and the Secretary of State the names of all agricultural cooperative associations on or before September 1 of each year that have complied with the requirements of this section.

     L.1966, c. 286, s. 3.  Amended by L.1971, c. 324, s. 1, eff. Oct. 28, 1971.